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U.S. oil and gas rig count hits record low for ninth week

Christian Fernsby ▼ | July 2, 2020
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a ninth week in a row.
Oil rig
Record low   Oil rig
The U.S. oil and gas rig coun fell by two to an all-time low of 263 in the week to July 2, according to data on Thursday from Baker Hughes.

Topics: U.S. oil

That was 700 rigs, or 73%, below this time last year.

Baker Hughes released the rig count a day early on Thursday because the markets are closed a day ahead of the U.S. Fourth of July holiday which falls on a Saturday.

U.S. oil rigs fell by three to 185 this week, their lowest since June 2009.